Are you content to rent?
Mary-Anne Bowring 26/09/2019
2640
Renting vs. Buying: What Do Tenants Prefer?
Are you a long-term renter or would you prefer to buy the home you live in? A recent survey by Landbay has shed light on the growing debate around renting and buying. It found that only 42% of private tenants in the UK want to purchase the property they rent. This survey also explores how different age groups and genders feel about the possibility of buying a home.
The Decline in Homeownership Aspirations Among Older Renters
Older renters are the least interested in buying a home, with only 13% of people over 55 planning to purchase soon. Even among those aged 35 to 44, less than half (46%) wish to buy a property. This trend highlights a shift in priorities as renting becomes a more appealing option for many individuals, especially those in certain age brackets.
Millennials Lead the Way in the Desire to Buy
Millennials, especially those aged 25 to 34, show the highest levels of interest in homeownership. Nearly two-thirds of renters in this age group are eager to purchase a home in the near future. This demonstrates how changing generational preferences could reshape the housing market in the coming years.
Gender Differences in Home Buying Preferences
There is a notable gender divide when it comes to buying a home. A survey revealed that 47% of women, across all age groups, are keen to buy, compared to just 34% of men. This discrepancy in homeownership desires might reflect varying financial priorities, lifestyle choices, and career flexibility between genders.
Regional Differences in Buying Intentions Across the UK
Interest in buying a home varies significantly across different regions of the UK. London and Northern Ireland lead the pack, with 48% and 47% of renters interested in purchasing. On the other hand, renters in the South West and Wales are less inclined, with only 37% expressing a desire to buy, despite these areas offering relatively lower house prices.
The Changing Nature of Renting and the Need for More Flexibility
Why are most tenants content to rent? Flexibility is one of the main reasons. Many renters value the freedom that comes with not being tied down to a property, especially in an era of increasingly flexible work arrangements. The future of renting lies in creating more flexible, high-quality rental options for people of all ages, not just young professionals. This would allow cities and towns to evolve into vibrant, mixed-use spaces benefiting investors, landlords, and tenants alike.
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Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.